(MENAFN - Kuwait News Agency (KUNA)) Some USD three billion is Kuwait Fund for Arab Economic Development (KFAED) contribution in Asia so far, the Fund's Director General Abdulwahab Al-Bader said Saturday.
"The contribution covers around 170 different projects in more than 20 Asian countries," Al-Bader told reporters on the occasion of launching preparatory meetings of the Asia Cooperation Dialogue (ACD), which kicked off at senior officials' level earlier today.
Al-Bader noted that the projects cover agriculture, transportation, communications, energy, industry, water, healthcare and education sectors among others.
"These projects are of various developmental objectives and would enable beneficiary countries provide basic needs for their citizens, as well as improving their living standards and lowering poverty level.
"The projects would also provide infrastructure needed to commence social and economic ventures, thus, set the stage for the private sector to chip in," he said.
Al-Bader termed the ACD Summit, due October 16-17, a "qualitative leap" in the area of cooperation among Asian countries, as it "opens new horizons for economic reforms in an economically-challenged world." KFAED is the first institution in the Middle East that took an active role in international development efforts, extending loans on concessionary term to finance development projects in more than 104 developing countries.
Established in 1961, the Fund also provides technical assistance to finance the costs of the feasibility studies of projects, as well as training nationals of the borrowing countries. In addition, the Fund subscribes in the capital of international and regional development institutions.
Since 1974, the Fund started providing assistance to non-Arab countries, forming a solid bridge of friendship and solidarity between the State of Kuwait and these developing nations.